How Paymode Helps Higher Ed Streamline Accounts Payable

Finance and Accounting departments in Higher Education institutions are complex by nature, as organizations are typically juggling large payment runs to Vendors and contractors, as well as student refunds and reimbursements across multiple systems and payments methods.

At the same time, colleges and universities are pressured to reduce processing costs and increase automation while facing more sophisticated payment fraud scams, decreases in funding, and increased dependence on student enrollments and tuition. Manual, error-prone payment processes represent an opportunity for cost savings, efficiency gains, and security improvements.

Make the switch from checks and manual invoice processes in order to eliminate: 

• Paper-based AP processes that are slow, costly, and error-prone
• Poor visibility and significant fraud risk throughout the AP process
• Challenges implementing and managing distinct virtual card and ACH programs
• Difficulty integrating invoice and payment activity with ERPs and banks
• Inability to pay vendors electronically with the necessary remittance detail

Overcome the traditional struggles of manual, paper-based processes while providing value to your vendors through the Paymode network.

DID YOU KNOW?

Paymode is used by 50+ higher education institutions to automate AP processes.